Survey: Bank of America lags in customer satisfaction

Bank of America’s customer satisfaction level fell to its lowest in more than a decade, lagging other major US banks as well as credit unions, according to the American Customer Satisfaction Index, a nationwide survey of bank customers published by the index. The survey was scheduled to be released Tuesday.

See how other banks performed this year compared with five years ago.
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Bank of America’s reputation, like many large banks, was tarnished in the housing bust and the foreclosure and financial crises that followed. But Bank of America took additional hits when it sparked national headlines last year with controversial proposals last year to impose a $5 monthly debit card fee and overhaul checking accounts.
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Kim Kyung-Hoon/REUTERS

Citigroup

2012 rating: 702007 rating: 69Highest rating in the past decade: 73, in 2011 (ratings for Citigroup were not available for 2003-2005.)Lowest rating in the past decade: 68, in 2009
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Wells Fargo

2012 rating: 712007 rating: 69Highest rating in the past decade: 73, in 2011, 2010, and 2009Lowest rating in the past decade: 67, in 2005
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Shannon Stapleton/REUTERS

JPMorgan Chase

2012 rating: 742007 rating: 74Highest rating in the past decade: 74, in 2012 and 2007. (The rating for JPMorgan Chase was not available for 2003.)Lowest rating in the past decade: 67, in 2010.
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David VanAmburg, managing director of the index, said the customer satisfaction scores consistently show that people favor smaller banks and credit unions in polls—even though tens of millions of Americans and businesses continue to rely on the country’s largest institutions for checking and other services.
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Credit unions

2012 rating: 822007 rating: Not availableHighest rating in the past decade: 87, in 2011 (ratings for credit unions were not available for 2003-2007).Lowest rating in the past decade: 80, in 2010
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